WINSTON-SALEM, N.C., Oct. 21, 2024
WINSTON-SALEM, N.C., Oct. 21, 2024 /PRNewswire/ -- mPATH® Health, a digital health company dedicated to improving cancer screening, is thrilled to announce the successful closure of $3 million in funding, which will accelerate the company's mission to enhance cancer prevention and improve health equity. This funding includes a $2 million Small Business Technology Grant from the National Cancer Institute (NCI) and a $1 million equity investment led by Oncology Ventures, an oncology-focused venture capital firm.
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The NCI grant, awarded in July 2024, will support the continued commercialization of mPATH's groundbreaking cancer screening program, which has demonstrated the ability to double screening rates across diverse populations, regardless of race, ethnicity, income, or literacy level. This grant will facilitate additional development and rigorous clinical testing of mPATH's program.
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"We are incredibly proud of the recognition from the NCI and the investment from Oncology Ventures," said Dr. David Miller, co-founder of mPATH. "This $3 million funding will allow us to rapidly expand our reach, increase cancer screenings, and ultimately save lives. It will also enhance our program and ensure that we can document its return on investment for health systems and insurers."
The $1 million from Oncology Ventures will enable mPATH to accelerate its growth and outreach efforts, allowing for the development of additional screening and preventive health modules. Oncology Ventures seeks to invest in and support companies improving cancer care access and outcomes, while reducing costs.
Oncology Ventures Founder, Ben Freeberg, expressed enthusiasm for the partnership, stating, "Oncology Ventures is proud to lead mPATH's Seed Financing and support Dr. Dave Miller, Dr. Ajay Dharod, and their team as they bring much-needed preventive care to populations who need support. mPATH aims to empower patients by identifying, educating, and ensuring timely access to relevant screenings."
As Freeberg noted, "Every one-month delay in cancer treatment results in a 10% increase in mortality and treating metastatic cancer costs twice as much as treating localized cancer. By improving access to screening, mPATH is well positioned to significantly enhance cancer care outcomes at scale."
With a commitment to health equity, mPATH is excited to showcase how its platform improves outcomes for all patients, regardless of their background. This funding marks a pivotal moment in mPATH's journey to redefine cancer prevention and save lives.
About mPATH HealthmPATH Health is a digital health company dedicated to transforming preventive cancer screening by integrating automation and behavioral science. By leveraging cutting-edge technology and personalized outreach, mPATH empowers individuals to prioritize their health and undergo regular screenings for early cancer detection. For more information, visit www.mpathhealth.com.
About Oncology VenturesOncology Ventures is a New York-based venture capital firm committed to revolutionizing cancer care and research. By investing in startups improving early detection, care navigation during treatment, survivorship and more, Oncology Ventures has positively impacted the lives of 80,000+ cancer patients. The fund is backed by nine strategic investors (including Cardinal Health, City of Hope, and Moffitt Cancer Center) and a suite of institutional fund-of-funds, family offices, and individuals. For more information, visit https://www.oncology.ventures.
About The National Cancer Institute (NCI)NCI is the federal government's principal agency for cancer research and training. NCI is one of 11 agencies that make up the Department of Health and Human Services (HHS). Learn more at www.cancer.gov/about-nci.
Media contactCassie AllenmPATH Head of Commercial Development(919) [email protected]
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SOURCE mPATH Health
